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Heathrow lands in Swiss francs, Austria extends green curve

International borrowers dominate this week's flow in the currency
Gulf AT1 deluge will be a challenge, with or without drone strikes

Easing won't be easy for new Fed boss

Lower rates will need lower inflation — and an FOMC consensus

CLOs prop up loan prices, betting on short Iran war

Leveraged loan prices have rallied from their post-war dip, with CLO demand remaining strong despite subdued LBO activity
Gulf AT1 deluge will be a challenge, with or without drone strikes
Sub-sections
  • The world’s largest economy is, among advanced societies, the least prepared to deal with containing the spread of Covid-19. This will have grave repercussions for the global economy.
  • Governments and central banks failed to prevent fear from taking hold of the capital markets this week, as Covid-19 reached pandemic status. European equity indices faced record falls on Thursday, before the Federal Reserve Bank of New York announced a $500bn repo operation to combat "highly unusual disruptions" in the US Treasury market. But it is far from clear if such extraordinary intervention will be enough to stop the panic.
  • Bankers are confident that companies up and down the ratings scale can lean on their lending groups during market volatility. But borrowers in the most stretched groups are not waiting to find out, with some clients already drawing their lines, adding backup loans, and trying to negotiate waivers on debt limits. Silas Brown, Jon Hay and Owen Sanderson report.